Fed's Bowman Says AI Presents Both Opportunities and Risks for Banks, Urges Stronger System Security

Deep News03:05

Federal Reserve Vice Chair for Supervision Michelle Bowman warned banks on Tuesday to strengthen their systems against threats posed by AI, while also emphasizing that the technology can bring benefits to banks.

In remarks prepared for an event in Colorado, Bowman said: "AI holds tremendous potential, both for those who carry out threats and for those who defend against them. AI is becoming a key component of these security measures, serving as both a defensive tool and an evolving risk."

Bowman has previously said the Fed should not engage in "micromanagement" of banks on issues such as AI while U.S. officials assess the impact of this rapidly developing technology.

Bloomberg reported earlier this year that regulators are pausing some cybersecurity-related examinations to give banks time to strengthen their systems against threats exposed by the latest AI models.

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